SL Green Realty Corp has signed Schulte Roth & Zabel LLP, one of the nation’s leading full-service law firms with offices in New York, Washington, D.C. and London, to a 15-year renewal lease covering 283, 894 square feet for its headquarters at 919 Third Avenue. The space is comprised of the entire 19-27 floors.
At the same time the firm released it third quarter earnings report which showed net income attributable to common stockholders of $0.68 per share compared to net income of $0.40 per share in the prior year.
“Schulte Roth and Zabel is one of the nation’s premier law firms and we are delighted that they have elected to extend their long-term occupancy with us at 919 Third Avenue, ” said Steven Durels, executive vice president, Director of Leasing and Real Property for SL Green.
“We are excited to have extended the lease of our NY office through 2036. We are making a long-term commitment to 919 Third Avenue and to our future, and look forward to continuing to build on our successes in the decades to come. Indeed, we are pleased to work in this premier building and the great experience we have had as tenants speaks directly to the fine leadership at SL Green, ” said Jeffrey A. Lenobel, a partner at Schulte Roth & Zabel LLP.
919 Third Avenue is a 47-story, 1.5 million-square-foot tower offering panoramic views of New York City, located on the block front between East 55th and 56th Streets. The building is currently undergoing a capital improvement program that includes upgrades to the lobby, entrance and plaza. In addition to Schulte Roth & Zabel LLP, other prestigious building tenants include Bloomingdales and Debevoise & Plimpton, LLP.
SL Green’s earnings report also showed a Funds from Operations of $1.55 per share before non-recurring charges related to the refinancing of 420 Lexington Avenue of $0.24 per share and transaction related costs of $0.03 per share compared to prior year FFO of $1.32 per share before the recovery of transaction related costs of $0.02 per share.
Adjusting 2014 NAREIT defined FFO guidance to $5.82 to $5.85 per share, which equates to $6.06 to $6.09 per share before giving effect to the $0.24 per share prepayment penalty associated with the refinancing of 420 Lexington Avenue, as compared to the previous FFO guidance range of $5.90 to $5.96 per share.